Historic Low Mortgage Interest Rates
Did you know that mortgage interest rates are now lower than 3%?
You heard that right! BELOW 3%!! That is an HISTORIC LOW!
Mortgage rates have a huge impact on your purchasing power. They can make a world of a difference if you plan to purchase a 10-30 year home, making it a fantastic time to buy or invest!
Seller’s Market
You might be thinking, "isn't it a seller's market Jen?" It is in fact a seller’s market in Minneapolis due to low inventory levels. However, if you run the numbers, you will tend to find that a $5-$20k increase in purchase price does not hold a candle to a 1-2% increase in interest rate over a 15-30 year loan.
You don't have to take my word for it though. Ask the experts! Chat with a loan officer to better understand what the lending market looks like and what benefits you could gain. It’s easier than you think to get pre-approved by a licensed loan officer to find out what you qualify for, and how much money you can save down the road by leveraging these historically low rates! It’s also very interesting to compare your mortgage payments to rent to see the money you could invest into an asset such as a home.
Credit score
Chatting with a lender is also a great way to better understand your credit score. They can share tips and tricks to help you make small tweaks, which in turn improve your score results. Even if you aren’t quite ready to buy, having the conversation is a great way to start proactively planning. It can help you to make smarter choices when opening a credit card, buying a car, or a number of other purchases/investments. And then when the time comes to pull the trigger on a property, you’ll be ready to go!
Twin Cities Recommendations
For anyone in the Twin Cities area, if you would like a loan officer recommendation, reach out! There are a number of different lenders that specialize in different areas, specific property types, and offer different packages. I’m more than happy to help point you in the right direction.
Happy Shopping!
Jen
Investor // Landlord and DIYer // Realtor // Business Consultant // Globe Trotter // Converting Vegan.
